BTU Power Company II

Meiya Power Company

China, South Korea, Taiwan

Meiya Power Company

Investment Description Acquisition in 2004 of PSEG's 50% equity interest in Meiya Power Company ("MPC"), the largest private power developer in China. Stakes in 18 operating IPPs with 10,078 MW (gross) in China, Taiwan and South Korea.
Rationale Integrate backward to natural gas supplies in the Gulf Cooperation Council ("GCC") to supply MPC's gas-fired plants directly; manage energy price and supply risks; and integrate natural gas into China's emerging coal gasification value chain.
Investment Profile
Company name Headquarters Regional offices Plant locations Year established Investment date Gearing ratio Ownership stake Equity Partners Sector Exit date	Meiya Power Company Limited (“MPC”) Hong Kong, China Shanghai, Beijing, Lanzhou, Seoul, Taipei China, South Korea, Taiwan 1995 December 2004 40%(bridge loan) 50% AIF Energy Ltd. (30%) Asia Energy Investment Holding Ltd. (20%) IPP portfolio company (privately held) April 2007
Operations (2007)
Project portfolio Ownership stakes Management control Generation capacity Fuels Offtakers Plant size	18 power projects in operation Range from 100% to 30% Of 18 projects, 12 wholly or majority-owned by MPC 11,885 MW gross in operation and construction Diversified fuel mix includes coal, gas and hydro Diversified offtakers, including KEPCO, Taipower, and provincial power companies Ranges from 1,200 MW to 30 MW

Project Portfolio


	Jingyuan II Gansu Province China	Capacity: 640 MW MPC Stake: 30% Fuel: Coal This base load power plant was established in 1995. A new phase of additional units is being developed.

	Qujing I & II Yunnan Province China	Capacity: 1,200 MW MPC Stake: 37% Fuel: Coal As one of the largest thermal plants in the province, the Quijing project comprises 30% of installed thermal capacity in the area.

	Huangshi I & II Hubei Province China	Capacity: 760 MW MPC Stake: 49% Fuel: Coal This base load facility provides electricity to the Hubei provincial grid.

	Hexie Sichuan Province China	Capacity: 98 MW MPC Stake: 100% Fuel: Gas This plant uses natural gas to provide clean energy to meet the peaking demand of the Sichuan provincial grid.

	Weigang Shanghai China	Capacity: 50 MW MPC Stake: 65% Fuel: Waste Gas This environmentally friendly facility utilizes the waste gas from the blast furnace generated from the process of making steel to produce electricity.

	Hanneng Hubei Province China	Capacity: 175 MW MPC Stake: 60% Fuel: Gas/Oil This is a gas-fired combined cycle facility converted from an oil-fired power plant.

	Zuojiang Guangxi Province China	Capacity: 72 MW MPC Stake: 60% Fuel: Hydro This project commenced commercial operation in 1999 and the power is transmitted to Guangxi provincial grid.

	Fushi Guangxi Province China	Capacity: 54 MW MPC Stake: 70% Fuel: Hydro The power generated by this plant is sold to Guangxi provincial grid.

	Mianyang Sichuan Province China	Capacity: 45 MW MPC Stake: 75% Fuel: Hydro The project was completed in 2004. It is a multi-purpose project for irrigation, flood control and power generation.

	Nantong I & II Jiangsu Province China	Capacity: 45 MW MPC Stake: 100% Fuel: Coal This is a cogeneration plant in Nantong Economic & Technological Development Zone that provides electricity and steam to support the social and economic growth of the area.

	Tongzhou Jiangsu Province China	Capacity: 30 MW MPC Stake: 80% Fuel: Coal This is a cogeneration facility in Tongzhou Development Zone. Electricity generated by the plant is sold to the provincial power company, while supplying steam to the area.

	Haian Jiangsu Province China	Capacity: 30 MW MPC Stake: 100% Fuel: Coal This cogeneration plant is equipped with advanced environmental technologies to provide clean energy and steam to Haian Economic and Technological Development Zone.

	Jinqiao Shanghai China	Capacity: (272 tons/hr steam) MPC Stake: 60% Fuel: Coal/Oil This is a steam-producing facility in Shanghai. Expansion and conversion of the project into a 50MW cogen power plant is under development.

	Kuo Kuang Taiwan	Capacity: 520 MW MPC Stake: 35% Fuel: Gas This project commenced commercial operation in 2003. Power generated from the project is sold to the Taiwan power grid.

	Yulchon South Korea	Capacity: 635 MW MPC Stake: 100% Fuel: Gas The project was completed in July 2005 and it is the first wholly foreign owned plant in Korea.

	Wuling (Xiangtou) China	Capacity: 1800 MW MPC Stake: 18.5% Fuel: Coal Invested by MPC through Xiangtou International.

	Yueyang (Xiangtou) China	Capacity: 1325 MW MPC Stake: 22.5% Fuel: Coal Invested by MPC through Xiangtou International.

	Wuling Hydro (Xiangtou) China	Capacity: 3793 MW MPC Stake: 18.5% Fuel: Hydro Invested by MPC through Xiangtou International.